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DFCU’s pre-tax profits fall by 67.8% in 2021

KAMPALA – Business for DFCU was mild last year as the institution’s gross profits curve fell by a hefty 67.8%, blamed on rolling lockdowns brought on by the global pandemic.

In a report, the lender said their profits for calendar 2021 came crashing to only Shs 10 billion, from Shs 32.6 billion the year before.

“In our opinion, the accompanying financial statements are consistent, in all material respects, with the audited financial statements in accordance with the Financial Institutions Regulations,” the bank’s auditors, Global Group Ernst & Young said in remarks to the report.

Today was the deadline for all of Uganda’s commercial banks to report for the financial year that ended on December 31, 2021.

DFCU’s customer deposits fell mildly to Shs 2.3 trillion for the period under review, from Shs 2.6 trillion in 2020.

Non-performing loans rose sharply to Shs 274 billion – nearly double the Shs 94 billion seen in 2020.

Bad loans written off also went up to reach Shs 37.6 billion in 2021, almost three times 2021’s Shs 14 billions.

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